News  ›  Article

Farris LLP: Vancouver's Law Firm


19 October 2012

Shareholders of TELUS Corporation Decisively Support 1:1 Share Exchange Proposal

On October 17, 2012, TELUS’ shareholders voted strongly in favour of TELUS’ plan of arrangement to exchange non-voting shares for common shares on a one-for-one basis.  The proposal received the support of 81.1 percent of total shares voted, with 62.9 percent of the common shares being voted in favour and 99.5 percent of the non-voting shares voting in favour.  As such, the voting results easily exceed the approval thresholds required to pass: a simple majority of common shares voted and two-thirds of the non-voting shares voted.

All of the four resolutions proposed by New York hedge fund Mason Capital Management LLC, were defeated.  The four defeated Mason Resolutions sought to prevent the share exchange from proceeding on a one-for-one exchange ratio.

Farris, Vaughan, Wills & Murphy LLP represent TELUS with respect to this matter.

‹ Back